Login
SBI Term Loan: RLLR: 8.15 | 7.25% - 8.45%
Canara Bank: RLLR: 8 | 7.15% - 10%
ICICI Bank: RLLR: -- | 8.5% - 9.65%
Punjab & Sind Bank: RLLR: 7.3 | 7.3% - 10.7%
Bank of Baroda: RLLR: 7.9 | 7.2% - 8.95%
Federal Bank: RLLR: -- | 8.75% - 10%
IndusInd Bank: RLLR: -- | 7.5% - 9.75%
Bank of Maharashtra: RLLR: 8.05 | 7.1% - 9.15%
Yes Bank: RLLR: -- | 7.4% - 10.54%
Karur Vysya Bank: RLLR: 8.8 | 8.5% - 10.65%

Poonawalla Fincorp sells housing finance division to TPG

#Taxation & Finance News
Last Updated : 19th Dec, 2022
share-icon Share
font-size icon Font size
ABC Small ABCMedium ABCLarge
Save
print Print
comment Comment
Synopsis

Earlier last week, Poonawalla Fincorp, a non-banking division of the Poonawalla Group, announced that it has sold its housing subsidiary Poonawalla Housing Finance to private equity giant TPG for a sum of Rs 3,900 crore. Poonawalla Fincorp was acquired by Magma Fincorp for Rs 3,456 crore in February 2021 and is currently held by Rising Sun Holdings, a business that Adar Poonawalla owns and controls. It offers a variety of loans such as personal loans, loans to professionals, company loans, SME loans, loans against property, and affordable house loans.

Story Image

Representative image

Poonawalla Fincorp, the non-banking division of the Cyrus Poonawalla Group announced on Wednesday that it has sold its housing subsidiary Poonawalla Housing Finance to private equity giant TPG for a sum of Rs 3,900 crore. According to the announcement, Perseus SG is a worldwide subsidiary of TPG which is carrying out the transaction subject to regulatory approval.




The Pune-based company stated that the full sale of the housing unit will enable it to concentrate on maximising value creation through resource allocation optimization and increasing management focus on their respective business needs. It also added that the sale's proceeds will strengthen its growth capital. The company has set a goal to grow its loan book by 35–40% yearly over the next three years while simultaneously keeping net non-performing assets (NPAs) under 1% by concentrating on tech-led development.



Poonawalla Fincorp was acquired by Magma Fincorp for Rs 3,456 crore in February 2021 and is currently held by Rising Sun Holdings, a business that Adar Poonawalla owns and controls. It offers pre-owned car financing, personal loans, loans to professionals, company loans, SME loans, loans against property, supply chain finance, medical equipment, consumer loans, and affordable house loans. It has an AUM of Rs 18,560 crore and employs over 4,000 people. The assets under management of Poonawalla Housing Finance totalled Rs 5,612 crore as of July–September 2022–2023.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

Have something to say? Post your comment

Post Comment

Quick Links

Asset Class

Location

Other News
post_image

5th Jun, 2025

Mumbai emerges as top data centre hub in Asia-Pacific region
post_image

25th May, 2023

Reliance Industries acquires the Mandarin Oriental Hotel in New York
post_image

11th May, 2023

U.S. housing market sees significant decline in home listings amidst reluctant sellers and high mortgage rates
post_image

27th Apr, 2023

US single-family housing construction on the rise: positive signs for a struggling market